P.F.B.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
P.F.B.
Largest movements
- Current investments +€200,000
up €200,000 (+36.4%), from €550,000 to €750,000
- Receivables within one year -€74,213
down €74,213 (-10.1%), from €736,975 to €662,762
of which Other amounts receivable: -€80,587
- Cash -€60,672
down €60,672 (-61.7%), from €98,306 to €37,634
mainly Current investments (-€200,000) and Other debts (-€20,079)
- Reserves +€57,902
up €57,902 (+2.5%), from €2.3m to €2.4m
of which Distributable reserves: +€57,902
- Gross operating margin +€23,668
up €23,668 (+14.1%), from €168,227 to €191,895
- Taxes +€9,407
up €9,407 (+81.0%), from €11,609 to €21,016
- Financial charges -€8,839
down €8,839 (-8.2%), from €108,412 to €99,573
- Financial income +€3,525
up €3,525 (+23.4%), from €15,097 to €18,622
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,124,626 | €3,160,591 | +€35,965 | +1.2% |
| Fixed assets | 21/28 | €1,739,345 | €1,710,194 | -€29,150 | -1.7% |
| Tangible fixed assets | 22/27 | €217,584 | €188,433 | -€29,150 | -13.4% |
| Land and buildings | 22 | €171,368 | €160,433 | -€10,935 | -6.4% |
| Furniture and vehicles | 24 | €46,215 | €28,000 | -€18,216 | -39.4% |
| Financial fixed assets | 28 | €1,521,761 | €1,521,761 | = | 0.0% |
| Current assets | 29/58 | €1,385,281 | €1,450,396 | +€65,115 | +4.7% |
| Amounts receivable within one year | 40/41 | €736,975 | €662,762 | -€74,213 | -10.1% |
| Trade receivables | 40 | €71,856 | €78,230 | +€6,374 | +8.9% |
| Other amounts receivable | 41 | €665,119 | €584,532 | -€80,587 | -12.1% |
| Current investments | 50/53 | €550,000 | €750,000 | +€200,000 | +36.4% |
| Cash at bank and in hand | 54/58 | €98,306 | €37,634 | -€60,672 | -61.7% |
| Total equity and liabilities | 10/49 | €3,124,626 | €3,160,591 | +€35,965 | +1.2% |
| Equity | 10/15 | €2,408,106 | €2,466,009 | +€57,902 | +2.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,346,106 | €2,404,009 | +€57,902 | +2.5% |
| Non-distributable reserves | 130/1 | €43,400 | €43,400 | = | 0.0% |
| Legal reserve | 130 | €43,400 | €43,400 | = | 0.0% |
| Distributable reserves | 133 | €2,302,706 | €2,360,609 | +€57,902 | +2.5% |
| Amounts payable | 17/49 | €716,520 | €694,582 | -€21,938 | -3.1% |
| Amounts payable after more than one year | 17 | €18,056 | €3,642 | -€14,414 | -79.8% |
| Financial debts | 170/4 | €18,056 | €3,642 | -€14,414 | -79.8% |
| Amounts payable within one year | 42/48 | €698,464 | €690,940 | -€7,524 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €14,174 | €14,414 | +€240 | +1.7% |
| Trade debts | 44 | €3,254 | €2,739 | -€515 | -15.8% |
| Suppliers | 440/4 | €3,254 | €2,739 | -€515 | -15.8% |
| Taxes, remuneration and social security | 45 | €34,465 | €47,295 | +€12,830 | +37.2% |
| Taxes | 450/3 | €34,465 | €47,295 | +€12,830 | +37.2% |
| Other amounts payable | 47/48 | €646,572 | €626,492 | -€20,079 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,150 | €29,150 | = | 0.0% |
| Other operating charges | 640/8 | €3,098 | €2,876 | -€222 | -7.2% |
| Gross operating margin | 9900 | €168,227 | €191,895 | +€23,668 | +14.1% |
| Operating profit (loss) | 9901 | €135,979 | €159,869 | +€23,890 | +17.6% |
| Financial income | 75/76B | €15,097 | €18,622 | +€3,525 | +23.4% |
| Recurring financial income | 75 | €15,097 | €18,622 | +€3,525 | +23.4% |
| Financial charges | 65/66B | €108,412 | €99,573 | -€8,839 | -8.2% |
| Recurring financial charges | 65 | €108,412 | €99,573 | -€8,839 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €42,664 | €78,918 | +€36,255 | +85.0% |
| Income taxes | 67/77 | €11,609 | €21,016 | +€9,407 | +81.0% |
| Profit (loss) for the period | 9904 | €31,054 | €57,902 | +€26,848 | +86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,054 | €57,902 | +€26,848 | +86.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.